SKT buys ADT Caps with Macquarie
[THE INVESTOR] Korea’s top mobile carrier SK Telecom on May 8 acquired a 55 percent stake in ADT Caps, a security service provider, in a joint investment with Australia-based Macquarie Group.
Under the deal estimated at 1.27 trillion won (US$1.17 billion), SKT will hold a 55 percent stake in ADT Caps, with Macquarie holding the remaining shares. The two companies will purchase shares from Siren Holdings Korea, which currently owns ADT Caps.
The investment made by SKT is estimated at 702 billion won.
ADT Caps, meanwhile, also holds debt worth 1.7 trillion won, bringing the overall size of the purchase to 2.9 trillion won.
In its regulatory filing, SKT said it aims to beef up its security business by purchasing a majority stake in ADT Caps.
By Song Seung-hyun and newswires (email@example.com)